Post Oak: Court sets combined hearing in anticipation of plan filing

By Sarah Lizee

Olympia, Wash., Aug. 5 – Post Oak TX, LLC, which owns the Hilton Houston Post Oak hotel, and its primary lender, Rialto, had their request to set a combined hearing on confirmation of a Chapter 11 plan and approval of a disclosure statement approved.

The U.S. Bankruptcy Court for the Southern District of Florida set the hearing for Aug. 30.

As previously reported, the debtor and lender haven’t filed the documentation yet, but plan to do so by Aug. 10.

Rialto asserts an approximate $100 million claim secured by substantially all the debtor’s assets, as previously reported.

The debtor and Rialto recently entered into a settlement agreement that provides for the filing of a joint plan of liquidation that will transfer substantially all of the debtor’s assets to Rialto, and pay allowed unsecured claims, including insider claims, in full.

Rialto said it requires a closing on the transactions contemplated in the settlement agreement on or before the end of the third quarter of this year.

The West Palm Beach, Fla.-based hotel owner filed bankruptcy on Aug. 31, 2021 under Chapter 11 case number 21-18563.

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